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making to the bowel and this is all going to put more sales in the regional economy and again there is so much business activity. and we are blessed with just being in this part of the country and the world. i'm very interested in what we are going to hear from our speakers this morning to sort off guide us through this year. now before we get to our program please join me in thanking the organizations and people who made this possible. and you can clap now for awful them but -- this event is jointly presented by san francisco business times and our partner, title sponsor corn irand carey commercial new mark, night, frank. and we are going it hear from dan clef man and dan class man some 14 year ago really came up with this idea, we sat down over lunch and there was another person involved allen cline knelt and which came up with this idea and so i have to give dan much much credit for that. (applause). . very much so. and in 2012, cornish and carey, dominated the area of commercial real estate with over $6 billion in leasing and sales transactions so very good there. and you are soon
spending control. it's by creating jobs, growing the economy, and expanding the tax base. >> president obama will continue to take his message on the road next week with a stop at a virginia ship building operation. virginia with the massive spending would be hit by the cuts. >> molly, good to see you, kelly? >> jamie, as washington braces for billions in budget cuts, oklahoma senator tom coburn is calling on president obama to stop a 100 city campaign style tour, and angela mcglowan is a fox news political analyst, mark hanna, an adjunct professor at media of new schools and former aide, mark and angela, thank you for joining us, as you both know, senator tom coburn of oklahoma sent a letter to the white house, in it, if washington is truly cutting spending on missions many consider vital, how can we at the same time promise and promote more financial adistance, much less afford this mammoth, 100 city cross country tour, wrote coburn, and while he talked about that, while it's well intentioned, he's urging the president to cancel this tour. mark, what do you think about that? >> kelly
cuts. does the economy have enough kick in it to withstand the sequester? and a big win for activist investor david einhorn in his fight to get apple to share the wealth, with its shareholders. that and more tonight on "n.b.r."! if you get a paycheck, no doubt you have seen it shrink this year. higher payroll taxes have taken 2% out of working americans take home pay. at the same time, gasoline prices have been rising and fast. together, this cuts into the spending power of consumers, and that's bad news for a host of companies, from restaurants to retailers. erika miller reports on how some of these firms are trying to fight back against the pay pinch. >> reporter: virtually every worker in america is taking home 2% less in pay this year because of higher payroll taxes. that's not just bad for consumers, it's also bad for businesses. three out of four households are cutting spending to cope with lower pay. for one out of three households, it means eating out less. consumers are also changing where they dine. >> we are moving from casual dining, down to fast casual, down to the fast
back spending. prices at the pump are up nearly $0.50 in a month. >> we are a driving economy. most people drive to their place of work. and so they've got sort of a secondary tax, in addition to the payroll tax increase that they've experienced as well. >> reporter: wal-mart is adjusting by stocking its shelves with lower-priced items, and smaller sized packages. retailers fear the pressure on consumers could get worse if a trillion dollars in across-the- board government spending cuts hit march first. that would be right at the start of the spring selling season. >> i think we will see promotional activity and markdowns become more commonplace. i think the key takeaway here is that we could be looking at a very difficult time for retailers to be raising profitability and expanding margins in this environment. but even in a tough environment there will be some winners. in the retail and restaurant categories, hottovy sees two firms that could thrive: >> our top picks are costco and amazon. we think that they will be key beneficiaries of either a trade out or a trade down among cons
drones flying over the united states. higher gasoline prices, higher taxes, weakening the economy and taxes, weakening the economy and harris on what the future holds. at a dry cleaner, taxes, weakening the economy and harris on what the future holds. we replaced people with a machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. we all work remotely so this is a big deal, our first full team gathering! i wanted to call on a few people. ashley, ashley marshall... here. since we're often all on the move, ashley suggested we use fedex office to hold packages for us. great job. [ applause ] thank you. and on a protocol note, i'd like to talk to tim hill about his tendency to u all caps in emails. [ shouting ] oh i'm sorry guys. ah sometimes the caps lock gets stuck on my keyboard. hey do you wanna get a drink later? [ male announcer ] hold packages at any fedex office location. hey do you wanna get a drink later? progressive direct and other
. up next, samuel graveyard use of our elected leaders of find the courage to reform the economy and government spending soon the u.s. could find itself in the same terrible economic situation as many european countries to. this is just over an hour. [applause] >> thank you for your introduction. it's a great privilege to be here. inviting the it council, in many cases the of many people here and heritage for very long time. and also admired the way that heritage works across policy areas so that you really do here and integrated message. not least among which, i think, is the attention of the heritage foundation to the power of culture, by which i mean people of beliefs, ideas, habits, expectations, and the way that these achieve some form of institutional expression. >> on this issue of culture and how it relates to the economy, the heart of my book, becoming europe. because the -- becoming europe is certainly about what has happened to your and why it is now regarded as the sick man of the global economy. but my book is also about how some of these cultural and economic trends
to the economy. >> is this short -- >> it will ultimately work out if the economy can get by with the back to normal payroll tax. this could juice it back around. there's no perfect plan the government can do, but it's possible this payroll tax cut could be lowered in the recession and raisedded in boom times to make up for the cut. lou: good evening, evrybody the day can be described as quiet from washington to the middle east, where as two days for market selloffs brought i told you sos from some wall street gurus. today's triple digit rally in the dow was unobserved by those who lost the narrative. as surrogates and private campaign force, organizing for action, worked to upend the second amendment, the president, himself, seems most willing to put a electoral risk, and the democratic senators and they had the elections, and facing constituents on gun control, trying to explain the president's early enthusiasms and why he's silent about it now. the president privately meeting with white house reporters today who took with it, pins, cameras, or anything with which to record the president
? the fear is there. of course we need cuts, you need it in stages. you don't do it when the economy is fragile. you do it when the recovery is stronger. and these across the board cuts, bad news. >> and tobin, i wouldn't call them cuts, they're trims, and to hear the white house, i'm afraid to go out of the house, should we be scared of this? >> obviously, the economy is scared of something else and scared of it turning to 26 trillion dollars in a 15 trillion dollars economy, in other words, we would in fact be great. the 85 billion, of course, doesn't account for the 50 or 60 billion, and if you add that back in. this is literally what the government spends, remember, the government spends 4 billion a day and this is actually, to carry this, this is about, you know, maybe ten days of total spending all in. no, it's not a big deal, it's total semantics. >> we've got selling on this show, gary b. shouldn't we be hitting the panic button? >> absolutely not. we should be hitting the panic button if we d because there's a few head scratchers here, i know that jehmu is worried about this
raise taxes, you are going to cut that -- those people who are bringing prosperity to the economy. >> is this short -- >> it will ultimately work out if the economy can get by with the back to normal payroll tax. this could juice it back around. there's no perfect plan the government can do, but it's possible this payroll tax cut could be lowered in the recession and raisedded in boom times to make up for the cut. wwn time. >> we did. happy friday, everyone. adam: i'm in for melanee stubbs. -- melissa francis. both sides red gi to let it happen, all hope is not lost. david walker, former u.s. comptroller says there's a possible fix, and he joins us to explain his plan. plus, prepare yourself for a meat shortage. forget soaring prices, the cuts could bring the beef industry to a halt. steak lovers get used to eating tofu. an expert is here to tell us why. close up for the oscars, but commercials, as you and i know them, could take a final bow. a breakthrough in the industry allows advertisers to control what you see in realtime. we could watch the same oscars, but very different co
the common currency. >> as economies weaken further in many eu nations, millions of people are expected to lose jobs at a time when there's already record unemployment in europe. >> the european commission' says signs of europe's economy is bottoming out. >> sons this year is that there will be zero growth in the european union. ben and the dismal picture is having a negative impact on government finances. many european countries are likely to have higher deficits this year than had been expected. that applies to france, the u.'s second-biggest economy. new borrowing is expected to be well over the target of 3% of gdp. the ecb says france must get its deficit down. >> i believe it is in france's interest to stick to the target of a balanced budget in the medium term. only if the budget is balanced is there any room for maneuver during an economic downturn. >> de e you expect france to see growth this year of just the 0.1%. like the eu as a whole, it is not expected to see growth above 1% until 2014. >> despite all the bad news from the eurozone, german businesses think the future is loo
for the economy in the long run. >> the interesting point about jobbings. unions want the pipe lines. >> of course thape do. >> the members saying we want the jobs here. there is it an irony to what the protestors are all about. they don't want the pipe line because it will unwind autoefficiency standards and we have electric fired from energy from coal that really pollute. >> i don't believe rick's protestations that the democrats want all of the above. our governor in new york state doesn't like nuclear and like fraking but he is not interested in turning down his air conditioner. >> the president will have to choose between the environmentalist who are protesting loudly and on the other side the union guys who want the jobs, who should he choose? >> he should choose union and he will go to the environmentam. he believes it is bad. >> rick, not only has he said that past. but mr. c, had u said that. >> when did they say it a bad thing. >> they are the carbon. >> he has a dinosaur that oil is a thing . past. always expect the unexpect would. >> last word from mr. forbes. forget the smoking dream
around, stock market near all-time highs, housing market recovering and the economy adding jobs every month. now relief may have given way to a little bit of worry. here's why. it's starting to feel like a recession again, especially if you're living paycheck to paycheck, gas prices up nearly 50 cents in the past month. the fastest run-up, you're bringing homeless money, thanks to the expiration of the tax cut. you're getting about 60 bucks less every month. rents are rising, up 12 quarters in a row now. unemployment is still too high. if you were counting on an early tax refupd you have had to wait. because of the fiscal cliff fiasco, the irs did not start issuing refund checks until january 30th. a stretched consumer, a consumer who has no choice but to cut back. big companies you work for say this is already happening. this week, walmart, the proxy for the american consumer says february sales were slow. why? it blamed gas prices, the end of the payroll tax holiday and those delayed tax refunds. that's what we know. washington to the rescue? of course not. on friday comes austerity
budget and slow the economic growth in our states. as it stands, state economies are slowly recovering and we are returning to the revenues we collected bac in 2008. we believed in flexible federalism. as we continue to work with congress and the administration, governors are committed to a collaboration to maintain and promote a balanced system. we have as congress and the initiation to keep four points in mind. this should produce savings for the federal and state. it cannot be accomplished by shifting costs from the federal government to the states or by imposing unfunded mandates. state should be given increased flexibility. congress should not improve -- impose efforts as this. many of the decisions that affect our health care are made in the states, especially those about health care delivery systems. as the demand for primary care is straining, we face a rapidly aging population. more than 16 million individuals are projected to gain health insurance coverage by 2016. many are looking for innovative ways to revamp how they deliver health care. the department of health and human
spinding. prices go up and the value of people's savings go down and hurts the economy and devastating to poor folks and folks on a fixed income and both pears are guilty of this . goods that cost a thousand buckings cost 13,000 -- $1300 >> wayne, what do you say? >> i agree with him. with the treasury selling an enormous amount of dibit, 70 or 80 percent of the treasury bills and bonds that are sold and brought by the federal reserve. the public doesn't understand that. but that is what is happening. that is inflation that kills us all at some point in time. the problem with food prices, isified . that means both chicken and beef suffer as a result. when a farmer's cost go up, he will pass it on to the consumer and the consumers pays more. >> i see that happen. gary what do you say is that critically important. >> for a family of four every dime counts and when they are sitting at the table, everything matters and looking at the checkbook, john thown is it right. the fed is printing money and we are seeing inflation. i am worried about the hyper inflation. >> and margey, what do you s
. >>> an economy poised to soar is now under attack from its own government. i'm ali velshi. this is "your money." your political leaders are punishing themselves for gross inaction. and they're doing it the only way they know how, by targeting you. four government spending cuts take effect march 1st, what washington has been calling the sequester. it's a stupid name for a stupid thing. >> these cuts are not smart. they are not fair. they will hurt our economy. they will add hundreds of thousands of americans to the unemployment rolls. this is not an abstraction. people will lose their jobs. >> you've heard the big numbers. $1.2 trillion in cults over ten years. $85 billion this year. that's 13% cuts to defense, 9% to everything else. >> we're weeks away from the president's sequester, and the president laid out no plan to eliminate the sequester and the harmful cuts that will come as a result. >> the forced budget cuts were created during the 2011 debt ceiling debacle. they were passed by congress and signed by the white house. worst-case scenario that would be so bad it would force lawmakers t
immediately afterwards. this assumption was that the economy would continue to improve or would improve. i think running and losing in 2008 was liberating for him. he found that he could be happy. we kept talking. he wanted to talk about it. we had a busy 2010 client schedule. he finally said, on election day 2010, if you cannot do anything for your client, why don't we meet? ok. we can do that. my partner and i met him. we met him in boston. that was when i got a sense that he was intending to run. >> he was serious? and he made the decision? >> yeah. >> covering the white house, he always viewed mitt romney is the face of the republican party. is that unfair? >> no. after the 2008 election, we were thinking about the future. he asked me who i thought the nominee would be in 20 20. i said, mitt romney. i knew we were heading into an economic maelstrom. i spoke earlier to a group about this opposites theory of presidential races. romney and the business background seem like the kind of person who could emerge from that. on election day, that election sort of altered my thinking. it was cle
and speaking the language that we understand those concerns. >> is this going to be a major drag on the economy. i'm back to you now? >> if government allows it to be. energy is an obvious example. prices for energy have gone up. the massive inflation spike we saw in the late '70s and early '80s, that was born in the policies of carter, ford, nixon, administrations prior. we a need get tough politicians who are going to stop spending and put the government back on a sound footing. >>> back to you on the food prices. can it trickle through to a broader economy. this kind of price increase could have ramifications for g.d.p.? >> getting back to what was said to think politicians are going to stop spending, they are like pigs in a trough and they are going to keep spending. number two, the families of four they are getting smarter. they are going online coupon sites. they are shopping and joining clubs where they get discounts. but their margin is getting slower. bottom line if it is a real problem, as you throw in energy, high cost of healthcare, all these factors are a drain on businesses. its p
universe. there are two economies in this country. there's the economies of all of us and the island, health care economy. we've had a pretty rough time over the last four or fives, six years in our economy. there's a lot of unemployment, a lot of pressure on us. not on that island. everybody just keeps making more money. >> jon: right. >> it's as if they don't exist in the universe and worst of all, the money they are making they are taking from all of us and bankrupting the country and it's bankrupting people. 60% of the personal bankruptcies in this country come from medical bills. >> jon: what is crazy to me is when you begin to tease it apart. when you begin to deconstruct it, it's made of sand. as i'm reading it's 36 pages. as you get higher and higher in the pages you feel like chuck yaeger breaking the sound barrier. i was like oh, my god. by page ten i was like i can't take it anymore. there's something -- you cannot believe this. there's something called the charge master. >> right. >> jon: and the charge master sets the price. so if you want an mri that's $6,000 according
's economy. at dot, we will need to cut nearly a billion dollars, which will affect dozens of our programs. over $600 million of these cuts will need to come from the federal aviation administration, the agency that controls and manages our nation's skies. as a result of these cuts, the vast majority of faa's nearly 47,000 employees will be furloughed for approximately one day per pay period until the end of the fiscal year, and in some cases it could be as many as two days. today we are sharing more details with our unions and with industry so they can start planning for serious impacts of sequester. here is what these automatic cuts are going to mean for the traveling public. obviously, as always, safety is our top priority, and we will never allow the amount of air travel we can handle safely to take off and land, which means travelers should expect delays. flights to major cities like new york, chicago, and san francisco and others could experience delays of up to 90 minutes during peak hours because we have fewer controllers on staff. delays in these major airports will ripple across
, they are not fair. they will hurt our economy. they will add hundreds of thousands of americans to the unemployment rolls. this is not an abstraction. people will lose their jobs. the unemployment rate might tick up again. >> president obama used his bully pulpit this week to call on congress to avoid, get this, sequestration. that's washington nomenclature for automatic spending cuts due to go into effect on march 1, next friday. on that date, both military and domestic programs will feel the impact of the monumental $85 billion cuts slated for this year, 2013, alone. not only does the president condemn the cuts, but his administration is also sounding the alarm. first, the secretary of state. >> but in these days of the looming budget sequester that everyone actually wants to avoid, or most, we can't be strong in the world unless we are strong at home. my credibility as a diplomat, working to help other countries create order is strongest when america at least puts its own fiscal house in order, and that has to be now. >> next, the secretary of defense. >> members of congress need to understand t
down the economy. we'll lose millions of jobs. there would be a stoppage of work at a number of places. the economy would get back into a tailspin. and so therefore it's bad. >> this is all for $44 billion. that's all it is, by the way. $44 billion let me get this right. 1/4 of 1% of gdp. and i just want to add, being a democrat, one of my favorite democrats is bill clinton. what did bill clinton do working with republicans? cut spending. what did the economy do when bill clinton worked with the republicans to cut spending? the economy boomed. that's your model. >> but it's the sequester, which means you that can't cut spending smartly. it's just across-the-board random cuts. i'm for cuts. i'm one that will agree that we do have to cut spending. but we've got to do it in a balanced way. we've got to cut spending. i don't think anyone will argue that. we cut spending before in the budget control act. we cut some spending. but we do believe it's got to be done in a balanced way, that we cut spending because the ultimate goal is to have a balanced budget. cut spending and find more revenu
that our economy is no longer working for vast numbers of everyday people. the rich and powerful have more wealth and power than ever, everyone else keeps losing ground. between 2009 and 2011 alone, income fell for the 99%, while it rose 11% for the top 1%. since the worst of the financial crisis, all of the economic growth has gone to the top 1% while the rest of the country has floundered. stunning, isn't it? the behavior of many of those one percenters brought on the financial crisis in the first place. we turned around and rescued them, and now their wealth is skyrocketing once again. at the bottom, working people are practically flat on their back. president obama has finally recognized they need help. in his state of the union, he proposed an increase in the minimum wage. >> tonight let's declare that in the wealthiest nation on earth, no one who works full-time should have to live in poverty, and raise the federal minimum wage to $9 an hour. >> but as the economist dean baker points out this week, "if the minimum wage had risen in step with productivity growth, it would be over $16.
roofers and home inspector and is then that has a booying fantastic on the overall economy having said that i'm not living with my head in the sand here i recognize that a lot of markets are still suffering a little bit and this graph show you's you the change of value in home price from their local market peak to where they are at present the case sowler composite and san francisco is halfway through the pack there down to about 33% and so whole values are still off from where they were before but if you look at where we are from the low point until where we are today, san francisco is looking a little bit better and oakland is not a member city and they randomly take 20 cities that are plead broadly representative of the housing market and san francisco is the second line on here and posted as one of the naysest paces of recovery and so we get some help from residential construction and we also get help from securelier spending this is what i'm showing here and this is the debt service ratio and it's an interesting concept if says if you add up my mortgage payment and car payment and
in the economy, make it a little bit liberalized from that perspective. there is one very important point. throughout their range, the castros have not allow anybody to come up to challenge the rule. there is not be right now that could step into that role. this period of transition will be very important. >> the only people around him are of similar age. octogenarians. if you are looking to the next generation, who would that be? >> that is a good question. perspective,ogical probably not. we're speculating, but part of that would be to ensure purity.call suggested they need to begin to lay the groundwork for that transition. they do not want the revolution to end when their lives to. >> what extent has delivered on that? what would change? >> there have been changes. economically, there have been changes. from my perspective, they have not been -- they have not been significant. if you replace castro with a younger generation, those changes might speed up. the u.s. relationship with cuba is codified in u.s. law. there would have to be some real changes on the island towards democracy fo
economy is not looking good in the medium term but the government says it will stick to its program of spending cuts. >> i think this is a stark reminder of the debt problems that britain faces and the clearest possible warning to anyone who thinks we can run away from dealing with those problems. and far from weakening our resolve to deal with britain's debt it should redouble our resolve to deliver a plan that has cut the deficit by 25, delivered 1 million jobs but also of course delivered record low interest rates to many families. >> the economy is playing a central role in italy's election campaign. the main candidates have held their final rallies ahead of voteding on sunday. bers coni is making one more bid to be prime minister but the front runner is from the center left democratic party. the french foreign ministry says drug tainted horse meat may have entered the food chain. the drug used as a painkiller in horses can cause serious illness in people. a scannedle revealed some beef products contained horse meat. the vatican has dismissed recent italian media reports suggest
promise that there would be some growth rock back to the spanish economy. that is exactly what people want to see -- brought back to the spanish economy. that is exactly what people want to see. they really feel that their services are being cut, their jobs are being lost. that is why they are marching. they are marching because their standard of life has slipped so severely. the poor is still poor here, and the rich is still rich, but the middle class is really being battered. that is why we're seeing so many people come to the streets today. they will continue to protest until things start getting better for them. >> in madrid. many thanks pretty still to come, -- thanks. still to come -- >> in naples, at the heart of italy pos's is intended south. >> what american fishermen say efforts to save their industry may kill it. >> in less than 24 hours, italy goes to the polls to elect a new parliament. candidates have held their final rallies before elections that take place on sunday and monday. the outgoing prime minister, monti and berlusconi are both running. our reporter is in naples. >>
and our economy at risk to protect a few special-interest tax loopholes that benefit only the wealthiest americans and biggest corporations? that's the choice. >> of sequestration was never in meant to be implemented, then why wasn't implemented? >> it was a failure by the white house. the president of the one guy who can step above all of it and he's just playing politics. >> are we having fun yet? >> there is a sense of sleepwalking. i think republicans are making it a serious political mistake to be on the substance of the issue in underestimating how much they're going to be blamed for what happens. >> you think the armageddon scenario has been overplayed. >> it is the biggest hype since the mayan calendar. it's ridiculous. here we are spending $3.50 trillion per year. this is an $85 billion cut. it's about -- what? a few cents on the dollar? it's the end of the world? we are so much in debt. if we cannot cut this minuscule amount with trillions in deficits every year, we're headed towards greece. we're going to make them look solvent. >> at one pentagon official says, "it really sca
's economy. >> it's a green light. this may be the last chance you get. >> reporter: 25 virginia state senators did hit their green light, voted yes and followed their house counterparts in approving the measure that will pump $3.5 billion into roads, transit and rail over the next five years. >> it will enable us to contribute a lot more money to rail, improve the services to get you to rail, perhaps widen some major arteries a little bit. >> reporter: prince william county senator is the longest serving senator in virginia history. and he counts this bill as one of the most significant he's ever helped pass. >> it's very important. it's going to change people's lives. >> reporter: the transportation bill contains a complicated plan for raising new revenue. it reduces the state gas tax but hikes the state sales tax and several other fees. traffic took northern virginia and hampton roads will be able to raise more money for priority projects through a bigger sales tax hike, a hotel tax and home sales fee. some senators say two taxing levels is unfair and others fear the impact on the r
allowed us to think about defining our economy and, in fact, we are. think about ohio. when you leave ohio, you say to people, "what do they do in ohio?" well, you know, they're all manufacturing. well, we love manufacturing or agriculture, we love farming, but jobsohio has led us begin to think about things like bio- health, automotive, advanced manufacturing, polymers and chemicals, financial services -- number two in property and casualty in the country. there's nothing that's happening more exciting than in the area of it. aerospace, where we're now beginning to work in the dayton area thinking about being able to fly unmanned vehicles. in the area of agribusiness and, of course, energy, which has us all excited, and logistics. you see, if you have many different areas that you target, when one part of the economy goes down, it doesn't mean it sinks your state. and so jobsohio has been able to work to diversify us and it's clearly working. and now that we're funded, we think we're even going to get more out of jobs ohio than we've seen so far. we also moved directly in the direction of
the sequester is not higher taxes or just better spending control. it's by creating jobs, growing the economy and expanding the tax base. >> president obama will be taking his message on the road next week to a virginia shipbuilding operation. virginia, with its massive defense industry, would be hit hard by the spending cuts. arthel. >> molly henneberg live from washington. thanks. >> as the u.s. faces its own economic problem, britain's economy is facing a serious new setback. moody's, the credit rating agency, announced the first ever downgrade of the u.k.'s pristine credit rating by a notch, blaming weak growth and political turmoil for throwing its deficit reduction plan off course. david ram con says he has full confidence in his finance minister, george osborne, despite criticism that their debt strategy is failing to deliver, britain now joining the u.s. and france in having lost its triple a rating from at least one major agency. >>> serious new concerns out of iran asment country's powerful revolutionary guard begins new military exercises, at the same time iranian scientists announ
we all lived when the floor fell out of the 2008 economy. that was the detroit represented by the three big auto manufacturers whose failure would have symbolized to many of us the very failure of america, and that detroit as the obama for america campaign reminded us repeatedly, is now very much alive and kicking. but that detroit, the detroit we all want to see survive, exists in the entire country, not within any specific municipal bounds. then there is the literal detroit, the one where people live, the renaissance city founded initially in 1701. once it was a hub for mechanical manufacturing and detroit in the mid 20th century was a magnet for those looking for work. the city's population grew to more than 1.8 million residents in the 1950s. today, according to the latest census, detroit is the only -- the country's 18th largest city with just more than 700,000 inhabitants, for a city that covers almost 139 square miles. a space that san francisco, boston and manhattan could fit in with room to spare. there are so many factors contributing to the city's financial distr
of thousands of jobs and the tens of millions of dollars those jobs bring to the local economy. >> i've also been very clear that there's an alternative. >> reporter: the president is using the potential loss of jobs to push congressional republicans into a deal, a deal that would lower the deficit by closing tax loopholes on higher income americans. >> are they seriously prepared to inflict more pain on the middle class because they refuse to ask anything more of those at the very top? >> reporter: but republicans say no deal on the sequester until the president proposes more spending cuts. >> so the question is why won't he work with us? and the answer, quite simply, is because he wants higher taxes. >> reporter: what both sides want is to blame sequestration on each other, and now, there is no parent movement toward compromise. the president has asked to speak to congressional republicans, but, jim no serious talks or negotiations have been scheduled. >> axelrod: thank you, wyatt. as the budget cuts draw closer consider this-- the federal government does $500 billion worth of business wit
are strong as a nation, and our economy is strong enough to recover from this piece by piece. what about that? >> well, this is where i would be critical of the president, ed. i think we would have faster economic recovery if we weren't laying off police officers and firefighters and school teachers all over the country. if you look at the reagan era, one of the things reagan did was a huge ramp-up when the economy was in trouble of government employees. but without question, the deficit is coming down to where it should be. which is slightly above spending or a balanced budget. it's going in that direction. the president has had the smallest growth in discretionary spending in numerous presidents as opposed to the big spender george w. bush who came ahead of him. >> dave, stay with us. i want to bring in steve benen, msnbc contributor. good to have you with us tonight. why are mainstream journalists repeating this lie about president obama not having a plan to replace sequester? >> well, i can only speculate about what brooks and others are thinking. but i would think in all likelihood, ther
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